No Accountability In The Foreclosure Crisis

There has been a recent settlement for $8.5 billion between 10 banks and Federal regulators. The settlement relates to fraudulent practices the banks were involved in regarding the foreclosure crisisthat exists in the United States.

Holding Banks Accountable

Banks, to maximize their profitability, use many shortcuts. Robosigners, who knew nothing about the documents they were signing, signed hundreds of foreclosure authorizations.

Of the $8.5 billion the banks are coughing up, $3.3 billion will go towards people’s homes who are being foreclosed on. This will amount to approximately $1,100 for each foreclosed home. Individuals who were improperly denied mortgage modifications could receive as much as $50,000.

Who Will Receive These Funds

Who will receive these funds is the big question. There is no procedure for indemnifying the individuals and families who were damaged when they lost their homes. The families whose lives have been ruined may never receive any portion of this settlement.

So what does this settlement really accomplish for the Obama administration? A public relations gesture to try and convince the public he is actually doing something to deal with the crisis. The reality is the individuals who made millions of dollars scamming homeowners are keeping their illegal gains and suffer no prosecution.

Foreclosure Defense Lawyers

The Law Offices of Schlissel DeCorpo is one of the largest foreclosure defense firms on the East Coast of the United States representing individuals concerning fraudulent mortgages, mortgage modifications and helping keep families in their homes.

We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

Disclaimer: The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.